Bitcoin is touching new heights every day. Investors are betting big on digital currencies. Big companies have started accepting payments in select cryptocurrencies.
There is a lot of buzz in this newfound (not literally) currency market. Digital currencies are attracting an increasing amount of attention not only in the business world but in academia as well. If you are reading this article, probably, you are interested too!
You can be a ninja or a layman in the crypto world. In the case of the latter, we have compiled a cryptocurrency glossary to help ease you in this landscape. This will give you an overview of the terms used day-to-day in the cryptocurrency world.
ATH: All-Time High
ATL: All Time Low
Altcoin: Altcoin, a.k.a, Alternative Coin, is terminology labelled for cryptocurrencies other than/alternative to Bitcoin. For example, Ethereum, Dogecoin, and others are alternatives to Bitcoin.
Block: A Block is a file that stores transaction data. These blocks, when arranged in a linear sequence, form a Blockchain.
Cold Wallet: Cold Wallet, also called a hardware wallet or offline wallet, is a hardware device to store Bitcoin or cryptocurrencies offline. It is not connected to the Internet. The exact opposite of Cold Wallet is Hot Wallet, meaning it is connected to the Internet.
Dead coin: It refers to cryptocurrencies that don’t exist anymore due to various reasons.
DYOR: It refers to “Do Your Own Research. “
Gas: Gas refers to the fee required to successfully conduct a transaction or execute a contract on the Ethereum blockchain platform. The more gas you set, the faster your transaction will be completed.
HODL: It is a slang used in the crypto community for holding a cryptocurrency rather than selling it. It can also be interpreted as “Hold On for Dear Life”
Mining: Mining in the crypto world refers to the process of creating/gaining cryptocurrencies by solving cryptographic equations through the use of computers. In other words, it is a validation of the transaction.
Mooning: It is often used to describe a cryptocurrency that is under a strong upward market trend. Some use “to the moon.”
NFT: Non-Fungible Tokens are unique cryptographic tokens that we can use to represent ownership of unique items. When you buy an NFT, you receive a certificate secured in Blockchain technology, which makes you the owner of that specific digital asset. It is non-replicable, can’t be substituted, and can only have one official owner at a time.
The post 12 common crypto terms which you need to know about in 2021 appeared first on UKTN (UK Tech News).